The Dfinity wallet is mainly a NNS fremont end dapp that lets you use most of the Dfinity ecosystem features. This article will detail every part of the wallet and explain the key points.
The NNS front-end dapp lets you manage ICP tokens, stake them in neurons to participate in governance and earn rewards, and create cycles.
The NNS’s goal is to enable the open, decentralized, and secure governance of the Internet Computer network. It has total authority over every part of the network.
Below is a quick guide to getting started with the and its key functions. The dapp currently provides functionality in five main areas:
- ICP token management
- My Neuron Staking: Staking ICP
- Voting on proposals submitted to the NNS
- Creating canister
ICP token management
Most users can transfer ICP to the NNS dapp from their preferred exchange or wallet by simply following the same instructions as the other cryptocurrencies.
The NNS dapp’s ICP feature allows users to initiate ICP transfers to other accounts. Each transaction completes the whole consensus process in a few seconds. (Note: Sending ICP has a modest transaction cost. The balance of the source account is reduced by this amount.)
My Neuron Staking: Staking ICP
ICP may be used to create neurons that take part in network governance by casting votes and receiving financial rewards.
Users may establish and administer neurons using the above interface, which enables them to take part in network governance and actively control the open internet. Users can participate in governance by voting on ideas in exchange for ICP incentives by “locking up” their ICP for a specified amount of time.
Dfinity: Estimated voting rewards (as of June 8, 2021)
- Step 1: Click on the Neurons tab and click Stake Neuron.
- Step 2: Enter the total number of ICP you want to stake, and click create.
- Step 3: Set the dissolve delay to your preferred years of stake, and click update delay and confirm it.
- Step 4: Next, select your topics of interest for the proposals you can vote for.
For the most current estimated annualized voting rewards, refer to the Internet Computer dashboard’s Governance page.
Voting on proposals submitted to the NNS
In order to earn voting rewards, your neuron needs to vote on proposals. You can choose the proposal types and topics that you see and vote on—either directly or by following other neuron stakeholders—using filters in the Network Nervous System dapp. You can still vote manually on any proposal even when you are set up to follow another neuron. When you cast your manual vote, you override the vote following feature for that proposal.
The interface shown above demonstrates how users may set and configure their neurons as well as cast votes for or against NNS-submVote:
Have the neuron vote to either adopt or reject a proposal with a specified ID.
Add a rule that enables the neuron to vote automatically on proposals that belong to a specific topic by specifying a group of followee neurons whose majority vote is followed. The configuration of such following rules can be used to:
- a) distribute control over voting power amongst multiple entities;
- b) have a neuron vote automatically when its owner lacks time to evaluate newly submitted proposals;
- c) have a neuron vote automatically when its own lacks the expertise to evaluate newly submitted proposals and suggestions.
Is mainly a tool for fundraising within Dfinity it got some special features.
An improved version of a DAO is a Service Nervous System (SNS). A completely decentralized, entirely on-chain digital democracy that is capable of running any dapp, including social networks. There is no need for a corporation, a board of directors, or a CEO.
One of the most crucial ideas to think about is that the Internet Computer is a blockchain that permits running software in a distributed, replicated form.